The stablecoin infrastructure landscape might actually be running ahead of the curve right now—similar to what we've seen with RWAs before the market cooled down.

Yeah, stablecoin plays dominated the narrative this year, but here's the reality check: when conditions tightened, several of these infrastructure providers got exposed real quick. Some have already unwound or downsized significantly. It's that old market dynamic playing out again—the pressure reveals what's solid and what's just hype. The bodies keep washing up for months after the waves settle.

So while the infrastructure vision is solid long-term, we might need to see which players actually survive the cycle before betting big on this corner of Web3.